- Publisher:Phexcom
- Publication:2019/11/11
Martin Shkreli, the disgraced former CEO of Retrophin currently serving a seven-year sentence for securities fraud and conspiracy, was hoping for a SCOTUS Hail Mary after multiple appeals fell flat. Turns out the court wasn't interested in hearing Shkreli's pleas at all.
The U.S. Supreme Court on Monday denied hearing Shkreli's appeal to overturn his 2017 fraud conviction after his disastrous run as head of biotech Retrophin. Shkreli was also forced to forfeit $7.36 million in his conviction.
With that final rebuff, Shkreli will likely see the inside of a jail cell for the next five years––a sentence that could grow longer after he was accused of running his business from behind bars.
RELATED: Shkreli's jail-cell business dealings draw scrutiny from the feds: WSJ
In March, the Bureau of Prisons struck up an investigation into a Wall Street Journal report Shkreli was running his biotech, Phoenixus AG, using a contraband cell phone.A month later, the bureau announced it had moved Shkreli from the low-security prison in Fort Dix to the Metropolitan Detention Center in downtown Brooklyn, according to CNBC. The outlet said Shkreli would remain at that facility until he's transferred to a federal prison in Allenwood, Pennsylvania.
Shkreli came to infamy in 2015 after Turing Pharmaceuticals––where Shkreli also served as CEO––raised the price of a toxoplasmosis drug, Daraprim, by 5,000% overnight. Instead of apologizing, explaining or reversing the hike, Shkreli hit back at critics, quickly gaining fame as the “most hated” man in America.
Later, Retrophin investors accused him of inflating the company's stock price and enriching himself on the proceeds.